Opcom S Share Price Jumped 43 After Cabinet Announcement

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(The Edge Markets) – Across Bursa Malaysia, turnover stood at 1.94 billion shares worth RM1.54 billion. Top gainers included Tenaga, Opcom Holdings Bhd and MISC.
Tenaga shares finished up 14 sen or 1.03% at RM13.74 while Opcom rose 18.5 sen or 41.11% to 63.5 sen.
Tenaga and Opcom’s share price rise could be due to news that the Malaysian Cabinet had today approved the implementation of the National Fiberisation and Connectivity Plan (NFCP) over a five-year period from this year to 2023 at a cost of RM21.6 billion.

The Edge Markets reported today that Communications and Multimedia Minister Gobind Singh Deo said the NFCP will provide “nationwide digital connectivity that is robust, pervasive, high-quality and affordable” for all Malaysians.
In response to the news, Hong Leong’s Low said: “Tenaga  was seen holding up the KLCI, perhaps due to the NFCP, which was approved by the Cabinet.”
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Cabinet approves National Fiberisation and Connectivity Plan (Malaysiakini) – The cabinet has approved the implementation of the National Fiberisation and Connectivity Plan (NFCP), Communications and Multimedia Minister Gobind Singh Deo announced today.
The plan is estimated to cost RM21.6 billion and will span five years, from 2019 to 2023. It aims to expand the existing fibre network and improve internet connectivity in the country.
In a statement, Gobind said the plan is expected to boost Malaysia’s digital economy and provide a platform for 5G, among other technologies.
“The ministry wishes to announce that the implementation of the NFCP has been approved by the cabinet.
“The NFCP’s main targets include the provision of an average (internet) speed of 30Mbps in 98 percent of populated areas and gigabit availability in selected industrial areas by the year 2020, and (in) all state capitals by 2023,” he said.
As previously mentioned by Finance Minister Lim Guan Eng, the plan will be funded by the Universal Service Provision (USP) Fund managed by Gobind’s ministry through the Communications and Multimedia Commission (MCMC).
 

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